Richard Heathcote stepped down as Tether's chief investment officer on March 12, 2026. Tether's own release said he moved into an advisory role after guiding the firm's investment expansion1. GuruFocus reported on March 13, 2026 that Heathcote had overseen the reserves backing USDT through a period when circulation reached about $184 billion2.
The second executive exit at Tether on the record since 2025
Leadership moves CryptoLately has verified at Tether, by year
- 2026: 2
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 0 |
| 2020 | 0 |
| 2021 | 0 |
| 2022 | 0 |
| 2023 | 1 |
| 2024 | 0 |
| 2025 | 3 |
| 2026 | 2 |
27 executive exits on the record in 2026, the most of any year
Executive exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 27
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 6 |
| 2020 | 1 |
| 2021 | 9 |
| 2022 | 9 |
| 2023 | 8 |
| 2024 | 11 |
| 2025 | 20 |
| 2026 | 27 |
The move
Heathcote named his own reason for leaving day-to-day duties: to focus on "personal and family priorities," Tether's release said1. He spoke about his tenure in his own words. “I am immensely proud of what we have achieved at Tether over the last few years; it has without doubt been the pinnacle of my career,” Heathcote said. “Working with Paolo, Giancarlo, and Zachary has been a pleasure, and I am extremely grateful for all of their trust, support, and above all, friendship.” Chief executive Paolo Ardoino credited Heathcote with building the firm's risk framework. “His judgment, integrity, and long-term perspective helped guide our growth as one of the biggest private holders of U.S. Treasuries, developing a comprehensive risk management framework that ensures the highest protection for our stablecoin reserves despite the turmoils of the global economy,” Ardoino said.
Before and after the exit
Heathcote had grown the reserves backing USDT into the hundreds of billions of dollars, Tether's release said, making the firm one of "the largest private holders of U.S. Treasury bills globally"1. GuruFocus said Heathcote, a former BGC Group broker, built Tether's tie to Cantor Fitzgerald, which invests in Tether and holds its Treasuries2. Heathcote stayed on as an advisor. He kept backing the team he had led, Tether's release said.
What to watch
GuruFocus, citing Tether's latest attestation, put its holdings of U.S. Treasury bills at $122 billion at the end of 20252, a figure that will show whether Zachary Lyons keeps the pace of reserve growth Heathcote set. GuruFocus reported Tether had led a roughly $1.2 billion funding round in the German startup Neura Robotics shortly before Heathcote's exit. That bet will test Lyons.
Sources
- Tether, "Tether Names Zachary Lyons as CIO; Richard Heathcote Transitions to Advisory Role After Guiding Investment Expansion," Tether, Mar. 12, 2026, https://tether.io/news/tether-names-zachary-lyons-as-cio-richard-heathcote-transitions-to-advisory-role-after-guiding-investment-expansion/
- "Tether CIO Steps Down as Firm Oversees $184B USDT Stablecoin," GuruFocus, Mar. 13, 2026, https://www.gurufocus.com/news/8706347/tether-cio-steps-down-as-firm-oversees-184b-usdt-stablecoin